SHIFT | Digital, not cash, seems to be the new king, according to a Visa report. (REUTERS FILE PHOTO)
MANILA, Philippines — The number of Filipinos who continue to use cash in their day-to-day transactions decreases as more are shifting to mobile wallets as their main payment method.
This was among the findings of payment services giant Visa in its latest annual report, which showed that cash use declined from 96 percent to 87 percent in the Philippines based on a poll conducted from October to November last year of 1,000 people between 18 and 65 years old.
“Filipinos are becoming more comfortable with cashless payments, and we are confident that they will continue to embrace new innovations in the digital payment landscape,” Visa country manager for the Philippines Jeff Navarro said in a statement.
Navarro attributed the trend to increasing payment acceptance across merchants for cards, dip and contactless, and mobile wallets.
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The “Visa Consumer Payment Attitudes Study” report showed that card payment usage was at 70 percent, while mobile wallet usage stood at 87 percent, the same as cash transactions.
It also noted that 43 percent of respondents now carry less cash in their wallets, mainly due to the growing consumer habit of using cashless and contactless payments.
Most of the cashless transactions were done in supermarkets, according to 88 percent of the respondents.
This was followed by food and dining at 86 percent and bill payments at 82 percent.
With the current trajectory of the cashless trend in the country, Navarro said that the reality of the country becoming a cashless society by 2030 was attainable.
“Our study shows that the cashless wave is maintaining its momentum in the Philippines. We are moving closer to achieving a cashless Philippine society, but we still have some way to go,” he added.